Pakistan Goes Digital: SBP Launches Next-Gen PRISM+ Payment System.
Faster, Safer & Smarter – Bringing Global Standards to Pakistan’s Financial Future.
The State Bank of Pakistan (SBP) has officially rolled out its upgraded real-time payment and settlement platform, PRISM+ (Pakistan Real-Time Interbank Settlement Mechanism Plus), marking a significant milestone in the country’s digital financial transformation. The launch ceremony, streamed live on Facebook, was held at the National Institute of Banking and Finance (NIBAF), Karachi, and attended by banking CEOs, microfinance leaders, payment service providers, and other financial stakeholders.
A Milestone in Financial Modernization
The system was inaugurated by SBP Governor Jameel Ahmad, who highlighted that PRISM+ is a core part of the central bank’s Vision 2028 strategy. He emphasized that the new platform strengthens Pakistan’s digital financial infrastructure, aligning it with international best practices.
With this upgrade, Pakistan has become one of the few nations worldwide to adopt the ISO 20022 global messaging standard, enabling faster, safer, and more transparent financial transactions.
Key Features of PRISM+
The new payment system comes with advanced tools and functions designed to improve efficiency and security in financial markets. These include:
Real-time liquidity management
Transaction queuing and prioritization
Future-dated payment scheduling
Full integration with the Central Securities Depository (CSD) for auctions, repos, and monetary operations
Governor Ahmad revealed that in FY24 alone, PRISM processed transactions worth over Rs1,043 trillion, a figure equal to nearly ten times Pakistan’s GDP. The upgraded system is expected to further enhance capacity and support the growing demands of the financial sector.
Driving Pakistan’s Digital Transformation
The Governor also pointed out the rapid adoption of digital banking in the country. Pakistan now has over 225 million bank and digital wallet accounts, with 96 million unique users. Among them, 28 million are using mobile banking apps, 71 million rely on branchless banking, and 17 million access services through internet banking. These figures reflect a clear shift toward digital financial services.
Security and Global Standards
Underscoring the importance of financial stability, the SBP has introduced strict cyber security, anti-money laundering (AML), and fraud management protocols to maintain public trust. Ahmad praised the World Bank Group for providing technical and financial assistance under the Financial Inclusion and Infrastructure Project, and credited the collaboration between SBP, commercial banks, consultants, and technology partners for the project’s success.
Looking Ahead
In his closing remarks, the Governor described PRISM+ as a “strategic asset” that will support innovation, improve efficiency, and safeguard financial stability. He reaffirmed SBP’s commitment to building a digitally empowered, inclusive economy.
The launch of PRISM+ not only strengthens Pakistan’s financial infrastructure but also positions the country among global leaders in adopting advanced payment systems, ensuring faster, more secure, and transparent settlements for large-value transactions.
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